In this post, the admin will give an example of marketing management and its types.
What is marketing management?
Marketing Management is a comprehensive and planned activity carried out by a company or institution in making various efforts to be able to meet market demand. The main goal is to maximize profits by creating a sales strategy.
Activities that accelerate the movement of goods and services from producer centers to consumer centers, namely all those related to advertising, distribution, trade, product planning, promotion, publicity, research and development, sales, transportation, and storage of goods and services (marketing). Financial Fervices Authority
Marketing management is the activity of delivering, and offering to customers, clients, partners.
General Objectives of Marketing Management
- Introducing the product to the public
- Reach sales target
- Ensuring customer satisfaction
- Create advanced strategies for products
- Collaborate with partners
- Make sales recapitulation
Benefits and Functions of Marketing Management
1. Exchange Function
Through marketing, consumers can find out and buy a product marketed by producers with money or other goods of value. Products that have been purchased can be used for personal use or resold for profit.
2. Physical Distribution Function
The physical distribution function occurs when activities are carried out by storing products and distributing them. The transportation process can be by sea, land, air. Product storage is carried out by maintaining stock availability if needed.
3. Intermediary Function
The delivery of products from producers to consumers is carried out through marketing/marketing intermediaries that link exchange activities with physical distribution. In this process there are financing activities, information search, and product classification.
What is a Marketing Strategy?
Marketing strategy is a series of plans to reach the target market and make them consumers of the products produced by a company.
The following steps can be taken to implement a good marketing strategy:
1. Doing Market Segmentation
Market segmentation is an attempt to divide the market into smaller groups. The division of this group is based on geographic location, demographics, behavior, and psychographics.
2. Determine the Target Market (Market Targeting)
The target market is a specific segment that is intended to sell a product. Different target markets require different promotional content and means of communication.
3. Providing Market Position
Market positioning is a marketing strategy to show your product is different from others. One way is to build brand awareness or brand awareness. Brand awareness can provide several benefits, such as the ease of getting new customers to the creation of a loyal customer group.
Understand how marketing management works
Marketing Management is a tool of analysis, planning, implementation and control of programs designed to create, build and maintain profitable exchanges with target markets with a view to achieving the company's primary goal of generating profit.
Understanding the Marketing Aspect?
The marketing aspect is everything that concerns the presence or absence of market opportunities for products made by a company. So that this aspect of marketing can be the key to success for companies in mapping the market. Some of these cover aspects of marketing, including:
1. Market segmentation
Market segmentation is the activity of dividing and identifying market segments based on consumer characteristics. The division includes demographic distribution, income level, psychographics, regional characteristics and social class, as well as special consumer circumstances.
This division or market segmentation will provide a specific picture to the company about the products that must be produced in accordance with market conditions. In addition, this activity can also optimize the company's resources, so that the resulting product will be efficient and most importantly on target. So that this will result in businesses and companies being able to achieve maximum profit and marketing strategies can run smoothly.
2. Analysis of market conditions
Analysis of market conditions is quite important because it can make marketing more targeted. In this case, market conditions are used to determine consumer tendencies towards certain products or services. So that by analyzing market conditions, business actors or companies can understand the purchasing power of consumers in meeting their needs to get satisfaction.
Analysis of market conditions that will be carried out by the company with market segmentation if it is carried out in a fairly wide, broad, affordable area, and includes all planned programs. That way, consumer needs can be identified specifically and companies can fulfill them appropriately and optimally, and can increase sales, demand, and business or company profits.
3. Competitor Analysis
With competitor analysis, a business or company can find out the position of the product in a market. Competitors are competitors in producing products that are almost the same or have similar uses to those produced. Through competitor analysis, the strengths and weaknesses of the resulting product can be identified as well as the right marketing strategy for the product or service provided.
4. Promotion Strategy
Promotion is the seller's effort in offering products or services provided to potential consumers to make purchases.
Promotion is done by providing complete information about the product or service provided, using persuasive words or actions and attracting the attention of consumers. So that with this it can build consumer confidence in the products or services provided, and can increase sales, demand, profits, and the value of the products produced.
The following are types and examples of marketing management:
There are many types and examples of marketing management currently available, including:
Products and services must have a target market, and a name or brand to recognize. Branding is a form of marketing that serves as long-term advertising. It really helps to make your product or service more attractive and popular, and branding must also include names, slogans, and logos and others.
2. Broadcast advertising
Using radio as a marketing medium is one of the most common forms of paid advertising. Subscribers are very potential when using the radio because radio listeners really listen to what the announcer has to say. In addition, you can also use TV media to reach customers widely.
3. Multilevel marketing (MLM)
Using multi-level marketing is a form of direct selling that involves many people in which a company recruits and sells its products. Tiered marketing is also called network marketing because salespeople earn a commission on the products they sell as well as a commission on sales from the network.
4. Internet or online
The internet is one of the most popular marketing media. Almost everyone must use the internet, so the market is very wide. Marketing can also be done in various ways, one of which is using email, websites or advertisements and print media.
Thus a discussion of the types and examples of marketing management, hopefully it can help.